Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 115.120

Foreign or temporary residents--trusts with certain gains

             (1)  The object of this section is to adjust the discount percentage so as to deny a trustee a discount for a * capital gain for which the trustee is liable:

                     (a)  to be assessed; and

                     (b)  to pay tax;

under section 98 of the Income Tax Assessment Act 1936 in relation to the trust estate in respect of a beneficiary to the extent that the beneficiary was a foreign resident or * temporary resident.

             (2)  This section applies to a * discount capital gain of a trust estate if:

                     (a)  you are the trustee of that trust; and

                     (b)  section 115- 220 applies to you in relation to the discount capital gain and a beneficiary of the trust who is an individual.

             (3)  The percentage resulting from this section is the same as the * discount percentage for the corresponding * discount capital gain the beneficiary would have made for the purposes of Division 102 had section 115- 215 applied to the beneficiary.



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